Entertainment One’s Steve Bertram Reflects On “Incredible Ride” As He & Michael Lombardo Set Exits Following Lionsgate Acquisition
Following the announcement Thursday morning that Lionsgate has agreed to acquire Entertainment One from Hasbro for $500 million, eOne’s top film and TV executives, Steve Bertram, President, Film & TV, and Michael Lombardo, President, Global Television, are preparing to exit.
“With the business transitioning to a new owner, the time is right for me to move on. I will stay with the company for a short period to help kick off the transition process,” Bertram wrote in a memo to staff this morning, a copy of which was obtained by Deadline. (You can read it in full below.)
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Lombardo is set to depart at the end of the transaction, sources tell Deadline. Nick Meyer exited as President of Film when his contract ended in June.
The moves were fully expected as Hasbro is set to name a transition team shortly and Lionsgate to start the process of integrating the acquired eOne assets into the company.
Bertram is an eOne veteran, having joined the indie studio as President of the Global Film Group in 2014. He subsequently also took oversight of the TV operation and, following the company’s acquisition by Hasbro in 2020, brought in former top HBO programming executive Lombardo, first as a consultant and then Head of TV.
One of the biggest new series Lombardo set up since then is a live-action Dungeons & Dragons at Paramount+. Meanwhile, the film division had the March release Dungeons & Dragons: Honor Among Thieves, which eOne co-produced and co-financed with Paramount. EOne’s film and TV portfolio also includes recent movies like The Woman King and current TV series The Rookie and Yellowjackets.
“Over the past decade, eOne Film & TV has grown into a leading independent production and distribution company, and we’ve celebrated so many wins,” Bertram wrote. “For me, this has been an incredible ride.”
The eOne assets that were sold include all scripted and unscripted TV production (except for the Family Brands division housing such staples as Peppa Pig and PJ Masks); all film production and related global distribution; a 6,500-plus title content library; and Hasbro’s interest in eOne’s Canadian film and TV business.
In preparation for the sale, eOne underwent multiple rounds of layoffs over the last few months that impacted about 20% of the indie studio’s film and television staff. Hasbro’s plan, announced in January, involves cutting 15% of the company’s global workforce this year, or about 1,000 positions.
Here is Bertram’s email:
Hi All,
You will have read by now that Hasbro announced this morning the sale of the eOne Film & TV business to Lionsgate. Over the past several months, Lionsgate executives have had the opportunity to learn a great deal about the incredible business that you all have built. And now they’ll start to work directly with some of our senior executives to formulate the strategy for eOne post-closing.
I continue to believe the value of this business lies in our people; all of you. Over the past decade, eOne Film & TV has grown into a leading independent production and distribution company, and we’ve celebrated so many wins. But it’s not the wins or the accolades that I’m most proud of; it’s the unique culture that we’ve all built together, and the entrepreneurial spirit that drives us. I’m confident that legacy will continue to shine through for years to come as the content you’ve all created and nurtured continues to find its way to consumers around the world.
With the business transitioning to a new owner, the time is right for me to move on. I will stay with the company for a short period to help kick off the transition process and will of course be available during that time to address the many questions you will have about what’s next. Hasbro will appoint a transition team shortly that will be tasked with guiding the business for the next few months. You’ll hear directly from this transition team in the coming days.
It’s impossible to express my thoughts in a short note, as I write to you for what is likely the last time. I’m so grateful I’ve had the opportunity to lead such an amazing team, and I can’t thank you enough for your commitment and passion over the past decade. For me, this has been an incredible ride. I’m confident each of you will find great success in the future, and I’ll be rooting for you as you embark on this exciting next phase with Lionsgate.
Please don’t hesitate to reach out to me if you need anything. In the meantime, stay tuned for more information in the coming days.
All my best,Steve
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